During the last few years, economic inequality has increased rapidly all over the world. Oxfam International has released a latest report on the widening gap between wealth and poverty, in which many worrying things have emerged. The report shows that on one hand, a few people are earning huge amounts, while at the same time, on the other hand, billions of people are becoming poor.
Report before the World Economic Forum
Oxfam International has released this report just before the gathering of the world’s most influential people in Davos, Switzerland. The World Economic Forum is organized every year in the month of January in Switzerland’s famous ski destination Davos. In this annual event of the World Economic Forum, heads of state from many countries, big politicians and leaders of business houses gather.
This is how economic inequality increased
According to Oxfam report, the last few years have proved to be very bad in terms of economic inequality. During the last four years, factors like Corona epidemic, war and inflation have made billions of people poor. After the year 2020, till now about 5 billion people have become poor across the world. On the other hand, the wealth of a few select people has increased at the speed of rocket.
The wealth of the top 5 rich increased so much
According to the report released by the name ‘Inequality Inc’, the wealth of the world’s top 5 richest people has increased by 869 billion dollars in the last 4 years. This means that during the last four years, the five richest people in the world earned $14 million every hour. If we convert this amount into Indian currency, it becomes approximately Rs 116 crore. Meaning, the 5 richest people in the world earned more than Rs 100 crore every hour during the last 4 years.
These are the 5 richest people in the world
According to Forbes’ Realtime Billionaires List, the richest person in the world is Elon Musk, whose current net worth is $230 billion. Bernard Arnault is at second place with $182.4 billion. Amazon’s Jeff Bezos is in third place with a wealth of $176.9 billion. Larry Ellison is at fourth place with a net worth of $135.2 billion and Mark Zuckerberg is at fifth place with $132.3 billion. In the Oxfam report, Warren Buffet has been placed in place of Zuckerberg among the five richest people, who has slipped to sixth place in terms of current net worth.
Poverty will not be eradicated for 229 years
If we combine the net worth of all the billionaires of the world, it has grown more than the GDP of many big countries in 4 years. According to the report, the combined wealth of billionaires around the world has increased by $3.3 trillion in the last 4 years. India’s GDP, the world’s fifth largest economy, is currently around $3.5 trillion. Oxfam has expressed fear that if the situation continues like this, the world will soon get its first billionaire with a net worth of one trillion dollars, while poverty will not be eradicated from the world for the next 229 years.
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